Google revenue falls short of Q1 estimates
Google parent Alphabet is reporting that it beat analyst earnings expectations with a first-quarter profit of $8.3 billion. But the company’s revenue fell below expectations.
Alphabet is including an expected charge of $1.7 billion in the quarter’s results to account for a European Union antitrust fine. Including the fine, Alphabet’s profit of $6.7 billion fell short of analyst estimates.
The company’s profit represents a slight drop from $8.9 billion in the first quarter last year.
Alphabet revenue rose to $36.3 billion, up 17 percent from $31.1 billion a year ago. Analysts polled by FactSet expected revenue of $37.3 billion.
Alphabet’s earnings per share, excluding the fine, was $11.90, well above Wall Street estimates of $10.60.
Google’s stock fell more than 4% in after-hours trading.